Carvana, LLC 401(k) Review & Grade
Carvana, LLC 401(k) Plan
Tempe, AZRetail Trade15,552 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$527Employer $ per active participant
$2,210Employee $ saved per active participant
0.21%Direct admin cost, % of plan assets
$267.1MNet plan assets, end of year
$34,141Average balance per account
Score breakdown
- Employer generosity19.5 / 5039th percentile for employer $ per participant
- Low cost4.1 / 2516th percentile for low admin cost vs. same-size plans
- Employee saving10.7 / 1572th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score34 / 100 · Grade D
This plan vs. peers
Peers: Retail Trade plans with 10,000+ active participants (124 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 39th |
| Lower admin cost | 16th |
| Employee saving | 72th |
| Peers that auto-enroll | 32% |
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Red flags from the filing
Corrective distributions: the plan refunded $1,447,898 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Carvana put in about $527 per active participant, below the typical peer ($689). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.21% of assets) are well above similar-size plans (0.09%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $8,195,576 |
| Participant (employee) contributions | $34,365,352 |
| Other contributions (incl. rollovers in) | $6,394,889 |
| Administrative expenses paid from the plan | $516,090 |
| Contract administrator fees | $600 |
| Benefits paid out | $26,999,223 |
| Net assets, start / end of year | $215.8M / $267.1M |
| Active participants, start / end of year | 13,622 / 17,481 |
| Participants with account balances | 7,824 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Grant Thornton. |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $516,674 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20260226112020NAL0007763954001, received 2026-02-26, EIN 45-4788036, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.